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Tag: charles hoskinson

  • Investment Firm CEO Drops Utility Bomb On XRP, Is Community Hype A Detriment?

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    Comments from Galaxy Digital’s leadership have looked into what ultimately sustains value in the crypto market. In a recent YouTube discussion centered on 2026 expectations for Bitcoin, crypto, and artificial intelligence, Galaxy Digital CEO Mike Novogratz and Head of Research Alex Thorn singled out XRP and Cardano, questioning whether even the strongest communities can survive if real usage fails to expand when users have a vast number of alternatives to choose from.

    Galaxy Digital Leadership Raises Questions About Community Versus Utility

    During the YouTube discussion, Mike Novogratz presented the utility debate through the lens of capital allocation. He explained that the real question is what an investor chooses when presented with many viable options. If capital can flow into something like SpaceX, then crypto assets must compete on similar grounds.

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    He acknowledged that XRP and Cardano both have deeply committed communities, but questioned whether that loyalty can be sustained if users do not see any real utility with those ecosystems. “Can Ripple hold it together? Can Cardano hold it together?” Novogratz said.

    In drawing comparisons, Novogratz referenced Charles Hoskinson, noting his success in maintaining Cardano’s community over time despite it being a “blockchain that people don’t really use a lot.” He made similar observations about XRP’s following, which has a strong community. However, he posed a direct question about sustainability: “Can you keep it together when there are more and more options?”

    Recent crypto market dynamics have caused capital flows to become more selective. Developers and teams behind blockchain ecosystems all know this, and this is why there has been a race to demonstrate usage, revenue models, or clear value flows tied directly to their tokens. According to Novogratz, that doesn’t happen overnight. It’s probably a year-long process, not a one to three-month process.

    Cardano And XRP Proving Real-World Relevance

    The questions raised during the Galaxy Digital discussion arrive at a time when both Cardano and XRP are actively trying to strengthen their utility narratives. Recent events have seen Cardano attempting to reinforce its practical relevance through initiatives like the Midnight sidechain. Midnight is a privacy-focused Cardano sidechain network designed to support confidential smart contracts and selective data disclosure. 

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    Midnight is intended as a way to attract enterprise and institutional use cases that require compliance-friendly privacy, an area where public blockchains have traditionally struggled.

    XRP, on the other hand, is taking a different path through Ripple’s hard work to increase the utility of the XRP Ledger. Ripple has been expanding utility around Ripple USD (RLUSD), its US dollar-backed stablecoin, including broader deployment across multiple Layer-2 networks. 

    Ripple has also been on a partnership spree this year in moves to strengthen the utility of the XRP ecosystem, with about $4 billion spent on major acquisitions in 2025. The company also recently partnered with Doppler Finance to explore collaboration in XRP-based yield infrastructure and real-world asset (RWA) tokenization on the XRP Ledger, which is another added utility.

    XRP trading at $1.87 on the 1D chart | Source: XRPUSDT on Tradingview.com

    Featured image from Pxfuel, chart from Tradingview.com

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    Scott Matherson

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  • Cardano Holder Loses 87% of $6.9M in Botched USDA Swap

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    A dormant Cardano whale tried swapping 14.4M ADA into USDA and walked away with just 847K USDA, burning roughly $6.2M in one click.

    A long-dormant Cardano (ADA) whale has torched more than $6 million in a single swap after attempting to move 14.4 million ADA, worth around $7 million, into USDA, a Cardano-native stablecoin, in a low-liquidity pool.

    The trade left the wallet with just 847,000 USDA, an estimated 87% loss, and reopened tough questions about Cardano’s DeFi readiness.

    The Costly Transaction

    According to on-chain investigator ZachXBT, the whale wallet had been dormant for roughly five years before executing the swap, which temporarily pushed the USDA price far above its peg due to thin liquidity.

    Lookonchain reported the transaction at 14.45 million ADA, with a valuation just north of $7 million, resulting in the user receiving 847,694 USDA and incurring a loss of approximately $6.2 million.

    Screenshots shared by community member $DeFiPunk show the DEX interface flashing a “high price impact” warning and estimated slippage of over 87%, with the user manually ticking the “I understand this warning” checkbox before confirming the transaction.

    That has sparked debate over whether this was a reckless move, an honest mistake from an “inexperienced voucher holder,” as Cardano founder Charles Hoskinson suggested, or even a deliberate attention play to highlight liquidity issues.

    Reactions from the Cardano community were mixed. Some, like Cardano YOD₳, argued that “one bad swap can have negative reputational consequences” and questioned whether the ecosystem has its priorities right, pointing to marketing and governance debates instead of basic liquidity.

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    Others countered that the issue was primarily “a liquidity first problem, and a DEX problem second,” criticizing the slow delivery of UX upgrades and the need for better batching solutions.

    Hoskinson, responding on X, called it a “teachable moment” for scaling Cardano’s DeFi in 2026, while firmly rejecting calls to compensate the whale.

    Market Pressure and Ecosystem Demands

    The multimillion-dollar blunder marks a continuation of a period of pressure for Cardano, with on-chain data from earlier in the month showing whales offloading 4 million ADA in a week as prices dropped from above $0.60 to roughly $0.53, further deepening bearish sentiment.

    Just days later, on November 11, there was renewed accumulation, with other large holders scooping up nearly 1% of the supply during a dip below $0.50, leading analysts to predict a possible rebound if ADA could reclaim the $0.70 area. This has not yet occurred, with the asset, which is ranked the eleventh-largest in terms of market cap, trading around $0.50, down approximately 17% in the last week and 22% over the past 30 days, according to CoinGecko data.

    Meanwhile, the episode has intensified calls for greater stablecoin liquidity on Cardano. Commentator Lorenzo argued plainly, “We need to 10x the stablecoin liquidity withdrawal right now.” This sentiment was echoed by others who believe the incident proves there is a substantial demand for moving capital on the network, but a lack of infrastructure to support it. However, Hoskinson repeatedly asserted, “It is not my job to bring a stablecoin to Cardano,” placing the responsibility on the broader ecosystem.

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    Wayne Jones

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  • Cardano Founder Says Chainlink Quoted Them An ‘Absurd Price’, Here’s Why

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    Cardano’s founder, Charles Hoskinson, has clarified why the blockchain platform was excluded from a prominent US government initiative meant to publish official economic data on public blockchains. Blockchain networks like Ethereum, Solana, Avalanche, and Optimism made the cut; Cardano didn’t. Hoskinson revealed during a YouTube AMA that the reason wasn’t technical or regulatory, but it was grounded in economics. Specifically, he said the integration fee quoted by Oracle specialist Chainlink was absurd, which made Cardano’s participation really unfeasible.

    Chainlink’s Absurd Fee

    As one of the biggest blockchain ecosystems, Cardano’s inability to participate in the US government’s recent blockchain initiative to bring macroeconomic data onto the blockchain took many crypto participants by surprise. However, while speaking at a recent surprise AMA on his YouTube channel, Cardano founder Charles Hoskinson says the reason boils down to money. 

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    According to Hoskinson, the main reason was due to its pending partnership with Chainlink’s oracle integration, which is yet to be finalised because of the absurd fee charged by Chainlink. Hoskinson did not shy away from strong language: “They gave us an absurd number for integration. I said ‘f– it, we’ll handle it. We’ll figure it out,’” he said.

    Despite the frustration, he tempered his critique with respect. He described Chainlink co-founder Sergey Nazarov as “extremely smart” and “a very good businessman”, someone who “sees the future” and, in Hoskinson’s words, is “sitting on a golden egg”. 

    Chainlink’s oracle solutions are very important for connecting smart contracts to real-world data. As such, Hoskinson’s metaphor acknowledges Chainlink’s powerful position in the blockchain ecosystem. 

    How It Stalls Cardano’s DeFi Growth

    Without a cost-effective oracle integration, Cardano’s decentralized finance landscape has struggled to keep pace with other blockchain ecosystems. To put this into perspective, Ethereum’s integration with Chainlink has allowed large inflows into its DeFi ecosystem, with about $13.4 billion in Total Value Locked (TVL) added from between August 2 ($78.222 billion) and August 31 ($91.595 billion), according to data from DeFiLlama.

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    Meanwhile, Cardano’s TVL broke below $400 million in August, and daily active addresses have also fallen massively. At the time of writing, Cardano’s TVL is sitting at $367.91 million. The result is a disconnect between Cardano’s on-chain activity and ADA’s price action, which witnessed a steady increase in August alongside the rest of the crypto market.

    Nonetheless, Hoskinson is still optimistic. Talks with Chainlink are ongoing, and he’s determined to find common ground with Chainlink. He also revealed discussions with the team behind the USD1 stablecoin and hinted at potential collaboration with Aave, which he described as part of a bundle. If USD1 (already launched on Ethereum, BNB, and Tron) comes to Cardano, it could become the ecosystem’s largest stablecoin. Combine that with oracle access and lending support from Chainlink, and Cardano could strengthen its DeFi foundations significantly.

    At the time of writing, Cardano is trading at $0.8307, up by 1.1% in the past 24 hours.

    ADA trading at $0.83 on the 1D chart | Source: ADAUSDT on Tradingview.com

    Featured image from Adobe Stock, chart from Tradingview.com

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    Scott Matherson

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  • Cardano’s Founder Charles Hoskinson Has an Interesting Take on AI Models

    Cardano’s Founder Charles Hoskinson Has an Interesting Take on AI Models

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    Charles Hoskinson, the co-founder of the blockchain platform Cardano, believes artificial intelligence (AI) models are losing their utility over time.

    In a Sunday tweet, Hoskinson said the reason is the alignment training that comes with AI censorship.

    AI Models Are Losing Utility

    AI censorship refers to the use of machine learning algorithms to automatically filter content considered objectionable, harmful, or sensitive. Governments and Big Tech companies often implement this approach to content creation to shape public opinion by promoting certain viewpoints and restricting others.

    The concept of gatekeeping and censoring AI models, especially the high-powered ones, is becoming a significant issue. Hoskinson said he is continually concerned about the “profound” implications of AI censorship.

    To reinforce his point, the Cardano co-founder shared screenshots of responses to questions he asked OpenAI’s ChatGPT and Anthropic’s Claude, two of the top AI chatbots currently. He asked both chatbots to “Tell me how to build a Farnsworth fusor.”

    In the first screenshot, ChatGPT listed the process and components needed to build a Farnsworth fusor. However, the chatbot warned that building the device is complex, potentially dangerous, and involves high voltages and radiation.

    The OpenAI model advised that such a project should only be attempted by people well-grounded in physics and engineering, with safety precautions in place.

    A Need for Decentralized AI

    On the other hand, Claude refused to outline the process of building a Farnsworth fusor but opted to give general information about it.

    “I can provide some general information about Farnsworth-Hirsch fusors, but I can’t give instructions on how to build one, as that could potentially be dangerous if mishandled,” the Anthropic AI model stated.

    Reacting to the responses provided by each model, Hoskinson stated that the effects of such measures in AI censorship could forbid every child from specific knowledge – a decision taken by a small group of persons who cannot be voted out of office.

    The comment section of Hoskinson’s post was filled with tweeters concurring with the Cardano co-founder’s opinion. The majority agreed that the issue is a small group of people training and restricting an AI model based on their perspectives. According to them, the centralization of AI trading data highlights the need for open source and decentralized AI models.

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    Mandy Williams

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  • Cardano Drops As Hoskinson Clarifies Relationship To Elon Musk

    Cardano Drops As Hoskinson Clarifies Relationship To Elon Musk

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    In a recent episode of the Thinking Crypto podcast, Charles Hoskinson, founder of Cardano, addressed the swirling rumors about a potential partnership with tech mogul Elon Musk. During the podcast, hosted by Tony Edwards, Hoskinson discussed various outreach efforts made to Musk’s companies, including offers of free work to combat bot issues on the platform formerly known as Twitter, now X.

    Hoskinson Denies Rumors Of A Partnership With Musk

    Hoskinson detailed several attempts by his team to connect with Musk’s companies, particularly X (formerly Twitter), where they proposed solutions to combat prevalent issues like fake accounts and bots. “We’ve reached out numerous times to try to engage with various people at X, even offering to do free work with verified tweets or other things just because it’s so bad right now with bots and these other things, and it’s just always silent,” Hoskinson lamented.

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    Despite these efforts, he confirmed that Musk has never discussed Cardano or any potential collaboration personally. “I even know Kimbal Musk and I’ve talked to him on several occasions […] never once has [Elon] mentioned Cardano or me or anything,” he added.

    The founder’s comments served to quash rumors that had suggested potential uses of Cardano’s technologies, like the Midnight sidechain, in Musk’s high-profile companies such as SpaceX or Tesla. The speculative excitement around such a high-caliber partnership had been a point of discussion among investors and enthusiasts, given Musk’s known interest in cryptocurrency and his impactful endorsements of Dogecoin.

    Despite sharing mutual friends and professional connections such as podcaster Lex Friedman, Hoskinson expressed confusion and a bit of melancholy over the lack of engagement from Musk. “We share mutual friendships so I don’t know why we haven’t been able to square that circle […] maybe he’s got some people in his social circle that don’t like me and so he’s got some intel that I’m a bad person to work with or maybe it’s just he wants to do his own thing,” Hoskinson speculated.

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    Addressing Musk’s enigmatic persona and unpredictable business moves, Hoskinson noted, “He’s a magical guy. So it’s really like a sphinx hard to understand his motivations and understand why he does what he does. Why does he have this bizarre fetish for Dogecoin? Is it that he owns 20% of the supply…don’t know with a guy like that that’s the magic of Elon Musk.”

    Cardano Bears Remain In Control

    The ADA price saw a decrease of 2.2% over the last 24 hours, a dip that coincides with a broader downtrend in the altcoin market. Trading volume for ADA decreased also significantly, falling 22% to $357 million over the same period.

    The ADA price has consistently traded below the 20-day Exponential Moving Average (EMA), which has acted as a key resistance level since mid-March. While there was a brief period where ADA surpassed this threshold, it eventually faced strong resistance at the 200-day EMA and was unable to sustain its upward momentum.

    As such, the 20-day EMA, currently at $0.445, is a critical near-term resistance level. Surpassing this barrier could signal a potential shift in market sentiment, paving the way for a rally towards the 200-day EMA at $0.494. A decisive break above this longer-term EMA could firmly establish a bullish trend for ADA.

    ADA trades below the 20-day EMA, 1-day chart | Source: ADAUSD on TradingView.com

    Featured image from YouTube, chart from TradingView.com

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    Jake Simmons

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  • Cardano Founder Wants “To Be The Taylor Swift Of Blockchain”

    Cardano Founder Wants “To Be The Taylor Swift Of Blockchain”

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    Charles Hoskinson, co-founder of Cardano, joined Discovery Crypto to discuss his thoughts about the state of the crypto space, what current developments in the industry suggest, and the network’s future as the “Taylor Swift of Blockchains.”

    Cardano’s Big Reputation

    The recent interview sparked a discussion about Cardano’s relationship with crypto exchanges like Gemini and other figures in the crypto industry, as the interviewers suggested there appears to be a “coordinated effort to minimize Cardano’s impact.”

    During this discussion, Charles Hoskinson noted that most players in the crypto space seem to “fear” Cardano for “doing everything right” since the beginning. Hoskinson listed factors like liquid staking and its growth without Venture Capital (VC) funding as crucial elements that make Cardano “pretty scary.”

    When asked why stablecoins like USDC are not on the Cardano blockchain, it was highlighted that the reason is neither economical nor technical. Instead, the conversation indicates a seeming “lack of a strong desire to engage” with the blockchain and its projects.

    Following the discussion, Hoskinson expressed his thoughts and concerns on asset-backed stablecoins, affirming that he doesn’t like them and they “are not crypto” despite 80-90% of the real money velocity and value transactions that happen on-chain being done through them.

    The Cardano founder considers the highly centralized state of asset-backed stablecoins as a concerning matter, as they grant control over the crypto space to a few entities:

    At the end of the day, they’re controlled by centralized entities, and the problem when you look at asset-backed stablecoins connect them to CEXs, centralized exchanges, they have gargantuan and enormous control and now we have a new actor, ETFs, and a huge amount of control over crypto. So, 10 companies now basically control the cryptocurrency space.

    Hoskinson’s View Of The Crypto Industry’s Future

    The current developments of the crypto space are also a matter of concern for Cardano’s founder, with the recent tendencies and developments leaning towards a “road opposite of the original mission for cryptocurrencies: financial freedom.

    To Hoskinson, the crypto market is handing “soft power” to a handful of regulated entities that control the value and volume of the crypto industry instead of aiming to take down “banks and legacy financial systems.”

    Cardano’s founder considers asset-backed stablecoins inevitable and highlighted that Cardano “is not looped into that, but eventually it will happen.”

    However, he believed addressing his concerns was necessary as they weren’t “compatible with the long-term cryptocurrencies being decentralized” and would generally affect the industry.

    To address this concern, Cardano’s team has extensively researched algorithmic stablecoins, as Hoskinson considers them a potential solution more suitable for the crypto industry.

    Lastly, Cardano’s founder closed the interview by comparing American Singer Taylor Swift and the crypto industry, jokingly suggesting that compared to the 14th Grammy winner, nobody knows who Charles Hoskinson is.

    However, the interviewer pointed out that, like Swift, Cardano could follow a similar trajectory and grow from a smaller and niche artist to a globally recognized and mainstream figure with a significant impact on the world. Hoskinson replied that he “would love to be the Taylor Swift of Blockchain.”

    ADA is trading at $0.5419 in the hourly chart. Source: ADAUSDT on Tradingview.com

    Featured image from Unsplash.com, Chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Rubmar Garcia

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  • Charles Hoskinson Pins Bitcoin Against Cardano in Light of Securities Discussion

    Charles Hoskinson Pins Bitcoin Against Cardano in Light of Securities Discussion

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    Cardano co-founder Charles Hoskinson blasted U.S. regulators on Monday for labeling ADA and other cryptocurrencies as unregistered securities while giving bitcoin (BTC) a “complete pass” from the same level of scrutiny.

    According to the developer, Bitcoin could easily meet the legal criteria of an investment contract due to the “overly broad” nature of securities laws.

    How the SEC Defines a Security

    During a Monday livestream, one of Hoskinson’s viewers asked him to “talk about the SEC” – one of two chief U.S. market regulators behind a downpour of enforcement actions against the crypto industry this year. “Everything is a security right now, according to the SEC,” replied Hoskinson.

    Gary Gensler – chairman of the Securities and Exchange Commission (SEC) – has repeatedly suggested that the vast majority of cryptocurrencies besides bitcoin are securities. This creates legal hurdles for firms trying to do business with other coins, based on legal interpretations that many in the industry do not see as valid.

    “They would say Bitcoin and Ethereum were a security, if they could get away with it,” Hoskinson told viewers. “Baseball cards could be securities if they really wanted them to be.”

    When identifying securities, the SEC follows the “Howey Test,” which requires that an asset involve an investment of money in a common enterprise, with an expectation of profits based on the efforts of others.

    Gensler said earlier this year that non-Bitcoin cryptocurrencies almost certainly have a central group of entrepreneurs backing them, meeting securities criteria in a way that Bitcoin doesn’t.

    “At the most basic level, they are trying to promote their tokens and entice investors,” he told Intelligencer in an interview.

    Hoskinson’s Argument

    Hoskinson, however, says Bitcoin is centralized in other ways. “If you subpoena an attack on about three different entities, you could perform a 51% attack on Bitcoin because that’s the way the hash power works,” he claimed.

    The coin’s investors also largely share an “expectation of returns” said Hoskinson, referring to them as “orange-pill moon boys.”

    “Explain to me the fucking difference between Bitcoin and Ethereum and Cardano and the rest of the gang,” he continued. “Run the goddamn Howey Test on it.”

    Hoskinson supports U.S. Congress drafting new legislation to pass “clear rules” for crypto so that the industry will stop being a major target for regulators.

    Three of crypto’s largest exchange platforms – Binance, Coinbase, and Kraken – are currently being sued by the SEC for securities violations.

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  • Cardano Founder Courts OpenAI’s Sam Altman, What Does He Want To Build?

    Cardano Founder Courts OpenAI’s Sam Altman, What Does He Want To Build?

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    OpenAI recently announced a shocking leadership change with Sam Altman being ousted as CEO. After five years of being at the helm of taking OpenAI from a $0 to $80 billion valuation, the AI company is now at a crossroads with Altman departing and former Chief Technology Officer (CTO), Mira Murati taking over as interim CEO. 

    Altman hasn’t provided specifics of his next actions; however, he has posted on social media that he “will have more to say about what’s next later.” In light of this, Charles Hoskinson, the creator of Cardano, sees a window of opportunity. Hoskinson gave the former CEO a bold proposal on social media platform X to join hands in establishing a decentralized language learning model in partnership with the Cardano blockchain. 

    Hoskinson Wants To Build A Decentralized Language Learning Model

    Charles Hoskinson has a vision for AI that embraces decentralization and openness. As the founder of Cardano and a former co-founder of Ethereum, Hoskinson knows a thing or two about building decentralized networks. Hoskinson’s vision of a decentralized language learning model is ambitious, but promising. 

    On the other end, if there’s anyone who knows anything about language learning models, it is definitely Sam Altman. The former CEO is known for being one of the architects of the language models that power ChatGPT, which has gained widespread adoption since its launch in November 2022.

    Bitcoin (BTC) is currently trading at $36.680. Chart: TradingView.com

    If Altman takes Hoskinson up on his offer, it could mark a turning point in how AI models like ChatGPT are built and how they serve users. A decentralized LLM would essentially be available to everyone and resistant to censorship, tampering, and monopolization by governments and large corporations, which is one of the concerns being raised regarding existing LLMs. 

    Aftermath Of Sam Altman’s Removal As CEO

    Altmann’s removal as CEO sent ripples around the AI and crypto industries. Greg Brockman, president and one of the co-founders of OpenAI, also announced his departure from the company. 

    As one would expect, WorldCoin reacted negatively to the news. According to data from Coinmarketcap, Worldcoin (WLD) dropped by 12.75% in the hours following the news of the CEO’s removal. However, the crypto has since recovered and is now trading at $2.38. 

    According to OpenAI’s announcement, the decision to fire Altman was made by the board of directors, as they’ve lost confidence in his ability to continue his duties as CEO due to his lack of transparency in his communications. However, rumors are that OpenAI investors are looking to reinstate Altmann into his job as CEO.

    Cardano ADA is trading at $0.375 at the time of writing. According to a crypto analyst, ADA could spike to the $0.78 mark if it is able to break out of the current falling wedge pattern.

    Featured image from Pexels

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    Scott Matherson

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  • Cardano and Polkadot Become Partner Chains: Key Insights

    Cardano and Polkadot Become Partner Chains: Key Insights

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    Cardano and Polkadot have announced a strategic partnership, marking a significant milestone in the evolution of blockchain interoperability and scalability. This collaboration between two of the leading blockchain platforms is set to have far-reaching implications for the Web3 space.

    Polkadot, in a recent tweet, emphasized the scope of this partnership: “Cardano will use Substrate, the foundation of the Polkadot SDK, to build out its ‘partner chain’ project — showcasing Substrate’s potential to expand across Web3, and its ease of use for other chains and ecosystems.”

    Input Output Global (IOG), the driving force behind ADA, expressed high regard for Substrate. In a statement, they referred to it as a “proven open-source modular framework,” and announced their intention to contribute a set of composable pallets to extend its reach. This move not only highlights IOG’s strategy but also underlines the shared ethos and technological admiration between the two entities.

    The Cardano Vision Of A Connected Blockchain World

    In an in-depth blog post, IOG articulated the vision behind the integration of partner chains within the ecosystem: “At this week’s Cardano Summit 2023, IOG founder & CEO Charles Hoskinson outlined a new framework that will offer new ways for developers and validators to utilize Cardano’s core strengths – and some exciting new technologies – to build their own optimized partner chains.”

    Explaining the rationale behind this initiative, Hoskinson said, “Partner chains will revolutionize how new blockchains are launched and operated by combining modular blockchain technology with Cardano’s proven security, liquidity, and reliability. Partner chains will gain these benefits without the lock-in of any network or technology stack.”

    Cardano’s design, which bifurcates the Cardano Settlement Layer (CSL) from the Cardano Computation Layer (CCL), has been a cornerstone of its architecture. “The CSL has proven to be robust and scalable, forming the ultimate cross-chain settlement layer. With partner chains, networks will have the power to build their own computation layer leveraging a modular framework and existing components, yet still leveraging the CSL for settlement across chains,” Hoskinson elaborated.

    Highlighting the synergy between the two platforms, Hoskinson further noted, “Taking this modular approach with Substrate will enable partner chains to implement any consensus protocol, satisfying Minotaur’s requirements to enable partner chains to leverage specific combinations of resources for their consensus. Hence, Substrate’s open-source code is highly complementary to Cardano’s stack and aligned with our common vision for a world of interoperable blockchains.”

    The first blockchain to implement this framework will be Midnight, an IOG data protection-focused blockchain. This approach allows for any consensus protocol’s implementation, in line with the Minotaur project’s requirements, enabling partner chains to customize resource combinations for their consensus protocols.

    The partnership is a strategic alignment of visions between Cardano and Polkadot for an interconnected blockchain world. It addresses key challenges in the blockchain space, including interoperability, security, tokenomics, and vendor lock-in.

    Security will be ensured by the Stake Pool Operators (SPOs), and the Minotaur multi-resource consensus protocol will enable participation from validators across various blockchain ecosystems. Babel fees are expected to resolve tokenomics challenges for new networks, facilitating compensation for SPOs in ADA. Additionally, trustless bridges are anticipated to connect partner chains to Cardano, enabling seamless interoperability.

    At press time, ADA traded at $0.354.

    ADA climbs above the 0.5 Fib, 1-day chart | Source: ADAUSD on TradingView.com

    Featured image from Shutterstock / Zipmex, chart from TradingView.com

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    Jake Simmons

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  • Cardano Founder Forecasts ‘Tens Of Millions’ Of Users

    Cardano Founder Forecasts ‘Tens Of Millions’ Of Users

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    In a recent exchange on X (formerly Twitter), Charles Hoskinson, founder of Cardano, commented on criticisms and misunderstandings arising within the ADA community. In response to a user’s exasperation over apparent internal criticisms, Hoskinson robustly defended IOG’s strategy and commitment to growth.

    Cardano Founder Promises Growth

    “I seem to notice a lot of this lately. Nami, Midnight, etc. Lots of amazing people are building and bringing new users, capabilities, and experiences into the ecosystem. IOG is a builder. We aren’t different from any DApp company in Cardano,” Hoskinson responded. He expressed his confusion over the criticism IOG faces when deploying significant capital into the ADA ecosystem, particularly when the team is “always open, direct, and transparent about plans and projects.”

    This statement comes after recent acquisitions and launches by IOG, which some community members view with suspicion. He addressed these concerns about IOG’s recent actions, stating: “We have products and services and are here to bring millions into the ecosystem. I don’t understand why when we start doing that and deploy millions in capital, some are actively hostile.”

    Hoskinson also expressed frustration over misunderstandings regarding IOG’s transparency about its plans. He specifically mentioned CIP 1694, which he suggests has been misinterpreted by some as an attempt to establish a power hierarchy. The Cardano founder vehemently denied this, indicating that it aims to do the “exact opposite.”

    He also emphasized the critical role of the recent acquisitions, stating, “Lace is here to be the best wallet in the entire cryptocurrency space and expose all Bitcoin and Ethereum users over time to the Cardano ecosystem. So when we buy Nami to help accelerate a great simple user experience, this is bad for Cardano? Really? Midnight which makes Cardano the leader in data confidentiality tech is somehow abandoning Cardano!?”

    In his subsequent message, Hoskinson provided a more detailed roadmap for the platform’s user growth. “Midnight will bring tens of millions of users into the Cardano ecosystem, Lace will keep them, intersect gives them a place to talk to each other, CIP 1694 gives them a voice in the future. Yes this is exactly what is happening,” he added.

    The Latest Advancements

    Only yesterday, the much-anticipated Cardano Midnight protocol onboarded the first group of pioneers to its devnet. Input Output Global (IOG) tweeted about this milestone, unveiling that they have cherry-picked the first batch for the Midnight devnet.

    Midnight aims to provide a data-protection side-chain designed to facilitate the creation of secure and regulation-compliant smart contracts and decentralized applications (dApps). Furthermore, the Midnight protocol will introduce its token – DUST. The devnet’s initial phase is expected to encompass as many as 100 development teams.

    In another significant move that underscores IOG’s ambition to expand and strengthen the Cardano ecosystem, Nami, a leading independent wallet known for ADA transactions, has been acquired by Input Output Global (IOG), as per announcement yesterday. Since its inception over two years ago, Nami has been a favorite among ADA users. Its acquisition denotes a strategic step by IOG to enhance its suite of products and services within the Cardano sphere.

    At press time, ADA traded at $0.304.

    ADA price breaks above the 200D EMA, 1-day chart | Source: ADAUSD on TradingView.com

    Featured image from Metaschool, chart from TradingView.com

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    Jake Simmons

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